Businesses as well as their goods are spreading globally and are being sold in international markets too. This has increased the potential of business profits, but the risks associated with the transportation of goods can also not be ignored. When the goods are being transported through land, air, or water, there are chances of damages due to a variety of reasons. Therefore, to protect the financial risks faced by goods during transportation, various transport insurance plans are available.
The transit insurance protects the goods against common dangers which are as follows:
1. Earthquakes
2. Explosion
3. Fire
4. Lightning
5. Natural or human-made calamity
6. The collision of the vessel which damages the goods contained in it
7. Risks faced while loading and unloading the goods
8. Risks faced in packing and unpacking of goods
9. Malicious damages
10. Impact damage
11. Theft, etc.
A transit insurance policy is required by businesses or individuals who are involved in the regular transportation of goods. The policy requires to be bought by:
1. Manufacturers of goods
2. Importers and exporters of goods
3. Custom house agents
4. Traders
5. Transporters or aggregators
Transit insurance policies can be provided in multiple variants like:
This policy covers a single journey and is suitable for businesses that do not undergo frequent transportation of goods. The policy is applicable for a particular journey only.
This policy is a flexible transport insurance policy which can be customized for businesses to meet their coverage requirements.
This policy covers multiple journeys occurring within a specific period of time. The businesses who frequently transport their goods can buy this policy to ensure coverage for multiple trips rather than buying a different policy for each trip.
If your goods are transported in the transport container of a third party carrier you can buy this policy to cover the damages when the goods are being transported using another carrier service.
If your own vehicle is being used for transporting the goods, this cover would insure the goods against any possible damages.